Zimbabwe eyes investment from India, China in mining sector

Durban, October 3 (PTI) Zimbabwe is wooing investments from developing countries, including India and China, a media report has said.

On the other hand, analysts feel the investment will prop
up its mining sector.

"We are currently working in bringing in potential
investors from China and India and negotiations are under
way," the Chairman of Zimbabwe Miners Federation and
Secretary for Foreign Affairs Hamilton Pazvakavambwa was
quoted as saying by 'The Herald' on its online edition.

The federation aims to develop country's mining sector
and attract foreign investments, it said.

"Such a statement reflects an urgency to reform, a step
towards liberlaisation. Inflation in the country is the
highest in the world. Probably after the recent elections,
President Robert Mugabe is attempting to usher in some reforms
in the mining sector," Karvy Comtrade's G Harish said.

The African country has abundant reserves of iron ore,
coal, gold, silver, copper, ferro-chrome and many multi-
national companies have been trying to get a foothold here.

Indian steel companies are looking to gain control over
mineral reserves in countries like Mozambique, Australia, and
Indonesia among others, to reduce input pressure. PTI SCV